# Table 22: Time Splits

| Period | Sample | N_c | N_obs | Z₁ | SE | p-val | R² |
|---|---|---|---|---|---|---|---|
| Full sample | Full | 138 | 2746 | 50.28*** | 14.47 | 0.0005 | 0.2712 |
| Full sample | Excl CCA-nc | 130 | 2532 | 17.44 | 15.98 | 0.2751 | 0.3163 |
| Pre-2008 | Full | 134 | 1074 | 1.56 | 23.66 | 0.9474 | 0.3164 |
| Pre-2008 | Excl CCA-nc | 126 | 992 | -8.99 | 26.95 | 0.7389 | 0.3364 |
| Post-2008 | Full | 138 | 1672 | 43.63** | 17.30 | 0.0118 | 0.2772 |
| Post-2008 | Excl CCA-nc | 130 | 1540 | 31.11* | 16.97 | 0.0670 | 0.3541 |
| 1990-2004 | Full | 132 | 663 | -11.86 | 23.74 | 0.6175 | 0.3172 |
| 1990-2004 | Excl CCA-nc | 125 | 614 | -14.87 | 27.54 | 0.5895 | 0.3394 |
| 2005-2024 | Full | 138 | 2083 | 58.67*** | 16.10 | 0.0003 | 0.2858 |
| 2005-2024 | Excl CCA-nc | 130 | 1918 | 24.99 | 16.83 | 0.1379 | 0.3439 |